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Annual Report 2013

q4 2013

q3 2013

q2 2013

q1 2013

Annual Report 2014

q4 2014

q3 2014

q2 2014

q1 2014

Annual Report 2015

q4 2015

q3 2015

q2 2015

q1 2015

q1 2016

q2 2016

q3 2016

Operating result and profitability

The third quarter operating result was EUR 122 million (149), or 11.3% of net sales (12.2). The decrease from the previous year was due to a combined effect of lower delivery volumes and lower margin projects within the Energy Solutions business. The comparable operating result was EUR 123 million (160), or 11.4% of net sales (13.1). Items affecting comparability included restructuring costs of EUR 2 million (11). The comparable adjusted EBITA was EUR 132 million (170), or 12.3% of net sales (13.9). Purchase price allocation amortisation amounted to EUR 9 million (9).

For the review period January-September 2016, the operating result was 301 million (386), or 9.3% of net sales (11.2). The comparable operating result was EUR 330 million (397), or 10.2% of net sales (11.5). Items affecting comparability included restructuring costs of EUR 29 million (11), of which EUR 17 million were non-cash write-downs. The comparable adjusted EBITA was EUR 356 million (420), or 11.0% of net sales (12.2). Purchase price allocation amortisation amounted to EUR 26 million (23).

During the review period January-September 2016, financial items amounted to EUR -48 million (-31). Financial items were negatively affected by write-downs related to the divestment of the two-stroke joint venture Winterthur Gas & Diesel and to other receivables, which were booked in the second quarter. Net interest totalled EUR -9 million (-8). Profit before taxes amounted to EUR 253 million (354). Taxes amounted to EUR 68 million (84), implying an effective tax rate of 26.8% (23.6). Earnings per share were 0.92 euro (1.46) and equity per share was 10.73 euro (10.25). Return on investments (ROI) was 16.6% (20.3). Return on equity (ROE) was 16.3% (19.9).

Measures of profit and items affecting comparability
MEUR 7-9/2016 7-9/2015 1-9/2016 1-9/2015 2015
Comparable adjusted EBITA 132 170 356 420 643
Purchase price allocation amortisation -9 -9 -26 -23 -32
Comparable operating result 123 160 330 397 612
Restructuring costs -2 -11 -29 -11 -25
Operating result 122 149 301 386 587

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